Australia edible oils market is projected to witness a CAGR of 4.86% during the forecast period 2024-2031, growing from USD 4.17 billion in 2023 to USD 6.10 billion in 2031.
Factors such as increasing awareness about the health effects of consuming healthier oils, such as canola oil, olive oil, and avocado oil, which is gaining immense popularity in the country due to its low content of saturated fats. Moreover, the surging trends of the Mediterranean diet and plant-based food are supporting the consumption of healthier oils in Australia.
Australia happens to be among the world’s largest growers of canola, hence making the market favorable for farmers and, at the same time, both sufficient and locally sourced for the supply of the oil. Environmental considerations are relevant in the case of canola oil production in Australia. Compared with other oil crops, canola is relatively sustainable to grow, with less pesticide and fertilizer required. This makes the growing consumer preference for green and sustainable products in line with their use. In May 2024, Australian Oilseeds Holdings Limited announced its first shipment of sustainable canola oil to Nestle. The former company has been working closely with Australian farmers and Nestle for the production of low carbon intense canola seed and canola oil which meets the latest sustainability standards on reducing farming emissions by more than 50%.
Cold-pressed oils are highly preferred by Australians as they do not lose their nutrients like heat-pressed oils and are more natural since no additives or chemicals are used during oil extraction processes. The purity of cold-pressed oils gives consumers confidence as they increasingly seek cleaner and wholesome food products.
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Healthier Edible Oils to Appeal to Foster the Market Growth
Australians increasingly favor healthier edible oils due to growing health consciousness and dietary trends for good nutrition are gaining importance in the country. Since more Australians are becoming conscious that healthy fats are equally an important part of a diet required for a healthy heart, weight management, and overall well-being, a surge in the demand for unsaturated and healthier versions of oil is preferred by consumers. It has resulted in the replacement of oils that are highly saturated and transfer fats. Consumers are using oils that are rich in monounsaturated and polyunsaturated fats such as olive oil, avocado oils, flaxseed oils, etc.
For instance, olive oil is widely used by Australians in their diet as it is perceived to be healthier due to its anti-inflammatory properties, which help in decreasing the risk of chronic diseases. Thus, key players are increasingly introducing blended oils which contain the extracts of olive oils. For instance, in May 2024, Conga Foods unveiled Ohlio, the latest range of cooking oil blends. The latest lineup includes two varieties, Sunflower Oil blended with Extra Virgin Olive Oil and Canola Oil blended with Extra Virgin Olive Oil. Each product consists of 20% extra virgin olive oil, delivering a healthier monounsaturated fat compared to a typical sunflower and canola oil.
Cold-Pressed Edible Oils to Gain Momentum in the Market
A preference of cold pressed edible oil has been witnessed among Australians in their daily cooking options. It is because cold-pressed oils are believed to be highly nutritional. The cold press procedure mainly involves mechanical pressing of oil from the seeds or fruits without heating, maintaining essential nutrients, antioxidants, and healthy fats. This results in more flavorful, healthier oils that better fit this growing trend among Australians.
Additionally, cold-pressed oils have a wider culinary applicability, for everything from cooking and baking to mixing vinaigrette or drizzling over a dish to add taste and nutrition, appealing to the consumers in the country.
In December 2022, EDOC Acquisition Corp. announced the business combination agreement with Australian Oilseeds Investments Pty Ltd. The latter is the largest cold pressing oil plant in Australia which presses strictly GMO free and organic oilseeds. The resulting combined company is anticipated to have a post transaction enterprise value of around USD 190 million.
Canola Oil to Drive the Market
Canola oil is widely used in Australia primarily due to its nutritional value. It has very small amount of saturated fats and lots of monounsaturated fats, hence good for heart health. Canola oil consists of substantial quantities of omega-3 and omega-6 fatty acids. Both of these are regarded as very vital components to ensure heart health and reduce inflammation. It, therefore, makes canola oil a preferred option to health-conscious consumers who prefer maintaining their cholesterol levels and remain fit.
In addition to its nutritional profile, canola oil is preferred due to its versatility in cooking and food preparation. Its mild flavor and high smoke point make it appropriate for many uses in culinary applications, which include frying, baking, sauteing, and salad dressings.
Key players are introducing sustainable programs to connect the farmers of canola in Australia with manufacturers and consumers to sell their products and cater to the surging demand for edible canola oil in the region. In February 2024, Cargill, Incorporated launched sustainable canola program, SustainConnect in Australia with the aim to meet the surging demand for sustainable canola and help farmers in connecting with new and emerging markets.
Future Market Scenario (2024 – 2031F)
Australia edible oil market has been witnessing a surge in demand due to rise in health consciousness among the consumers. Thus, preference of healthy edible oil along with the surging preference for versatile edible oils which can adapt various cooking techniques is gaining momentum to drive the market growth in the forecast period. Consumers in Australia are increasingly preferring edible oils, such as olive oil and canola oil, which are healthy and used in multiple culinary applications, such as frying, baking, and salad dressing, making them indispensable in the diet of Australians.
Report Scope
“Australia Edible Oils Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of Australia edible oils market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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